Chennai-based fintech startup Kaleidofin has raised ₹36 crores in Seris A funding round from Netherlands-based cooperative and social investor Oikocredit.
Other existing investors Omidyar Network India, Blume Ventures, Bharat Inclusion Seed Fund, Flourish Ventures, and Israel-based medical professor Shlomi Ben-Haim also participated in the funding round. Unitus Capital was the exclusive financial advisor to the transaction.
The startup plans to utilize the freshly raised capital to strengthen its backend technology and boost its growth. The startup earlier raised ₹16 crores in seed funding in April last year.
Founded by Puneet Gupta and Sucharita Mukherjee in 2017, the startup provides curated goal-based financial solutions to customers in the underserved segments using financial planning and wealth management tools.
The startup follows a process of understanding the financial goal of each customer’s household, the main sources of financial vulnerability, preferences, and tolerance towards financial risks. It then creates unique personas of households using multiple sources of information including demographics, income profile, asset ownership, and others to provide specific and curated financial solutions to its customers.
Srucharita Mukherjee said, “Kaleidofin uses deeptech to ensure that financial services are accessible through a trusted channel at an extremely low-cost. We partner with seamless integration platforms to provide smooth customer onboarding using eKYC, eSignature and eNACH.”
Kaleidofin provides solutions like savings, investment, credit, and insurance products. It serves more than 50,000 customers spread across 10 states in India and has 30 network partners including microfinance institutions, corporates, and NGOs.
The startup was selected to showcase its innovation model that addresses SDGs through digital financing, at United Nations General Assembly, Special Task Force Event. Kaleidofin has also won numerous awards including Young Global Leader 2019 (WEF), Women in Fintech Award- Fintegrate 2019, and Women Entrepreneur Award 2019 – IFTA.